Construction Industry News
Hindalco Industries Limited posted its highest ever consolidated net profit with a 783% increase in Q2 FY22 at Rs 3,417 crore.
The company recorded a net profit of Rs 387 crore last year.
Consolidated revenue for the second quarter reached Rs 47,665 crore (compared to Rs 31,237 crore), an increase of 53% year-on-year.
Managing Director, Hindalco Industries, Satish Pai, told media their record performance this quarter is confirmation of their fully integrated business model, which is driving their performance in both upstream and downstream markets.
Hindalco delivered exceptional performance across all business sectors: Indian Aluminum Business set a near global industry record by hitting an EBITDA margin of 42%. Copper Business posted its highest quarterly revenue ever in the second quarter, with both smelters operating optimally to meet strong market demand.
Novelis again achieved a record EBITDA per tonne thanks to higher volumes and favorable metal costs.
The results were driven by exceptional performance from Novelis and India, supported by a strategic product mix, favorable macros, higher volumes and stability in operations.
Their product-rich portfolio strategy delivers results in a variety of market scenarios. It supports them to continue to develop the downstream asset base and increase their market footprint.
The recent purchase of Ryker copper bar unit is in line with our downstream investment (capital expenditure) plans announced earlier this year. They also continue to drive their ESG (environment, social and governance) agenda and strive to achieve their sustainability goals in net neutrality, water positivity, zero drainage and more.
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